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Screen KYAdj-2 - Kentucky Additions and Subtractions (1040)

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Overview

Use this screen to enter information for Schedule M. If information transferred from UltraTax/1040 doesn't require additional data or coding, UltraTax/1040-KY shows it on the form only, not in the input screen.

General Information

UltraTax CS uses the amounts you enter in this section to complete Schedule M, Parts I and II. Based on information entered at the federal level, Kentucky adjustments, with respect to items such as state and municipal interest, interest on U.S. obligations, state income tax refunds, lump sum distributions, and Social Security benefits, are automatically calculated.
Additions from partnerships, fiduciaries, S corporations
Information entered in
Other addition
 on the federal
K1-St
 screen transfers to this statement.
If any Kentucky data differs from the federal data, enter the state data in the column. Enter any additional additions from partnership, fiduciary, and S-corporation Kentucky Schedule K1s. The amounts from this statement window are reported on Schedule M, Part I.
The resident adjustment calculation includes depreciation differences. If an amount is entered, the amount will be reflected on the Schedule M to eliminate prior depreciation calculations resulting in the amount entered. See the Kentucky Resident Adjustment Worksheet for clarification.
Federal prior year NOL (Force)
Use these fields to force (override) the amounts transferred from UltraTax/1040. These amounts are listed on Schedule M, Part I.
Pension adjustment due to 3 year recovery rule
Use these fields to enter any pension adjustment due to the three-year recovery rule. These amounts are listed on Schedule M, Part I.
Adjustment for mortgage debt forgiveness (Force)
UltraTax CS automatically calculates the amount of Mortgage Debt that was excluded on the federal 1040 and includes this amount in the Other additions line on Form KY Schedule M. Use these fields to force an amount different than the calculated amount.
Other additions
Enter other additions to federal AGI in the statement window. UltraTax CS includes these on Schedule M, Part I.
Subtractions from partnerships, fiduciaries, S corporations
Information entered in
Other subtraction
 on the federal
K1-St
 screen transfers to this statement.
If any Kentucky data differs from the federal data, delete the data or enter the state data in the column. Enter any additional subtractions from partnership, fiduciary, and S-corporation Kentucky Schedule K1s. The amounts from this statement window are reported on Schedule M, Part I.
The resident adjustment calculation includes depreciation differences. If an amount is entered, the amount will be reflected on the Schedule M to eliminate prior depreciation calculations resulting in the amount entered. See the Kentucky Resident Adjustment Worksheet for clarification.
Other subtractions
Enter other subtractions to federal AGI in the statement window. UltraTax CS automatically includes Form 8814 amounts and artistic contributions. UltraTax CS includes these as other subtractions on Schedule M, Part II.
Excludable amount of retirement income (Force)
Use these fields to override the calculated amount of excludable retirement income on Schedule M.

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